[thackney]

Mostly correct but these two words stand out as false to me.

“Shale oil (light tight oil) is rapidly emerging as a significant and relatively low cost new unconventional resource in the US,

These wells are neither cheap, nor long lasting. It requires more expensive wells and the wells don't last long a high flow rates. Which means you need more of them; we have to keep drilling just to hold a steady flow rate.

[Wonder Warthog]

"These wells are neither cheap, nor long lasting. It requires more expensive wells and the wells don't last long a high flow rates. Which means you need more of them; we have to keep drilling just to hold a steady flow rate."

Well, I think economics would dictate that as demand continues, the cost of such wells would drop, and we would have a lot more wells producing even at the lower rates.

What "is" the typical production curve for one of these guys.

[C. Edmund Wright]

you forgot to include the meaning of the word "relatively" in your analysis - and compared to deep water, compared to windmills, etc, this IS relatively low cost.